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Medicare Supplement Insurance, sometimes also called "Medigap," is sold by private insurance companies and their licensed agent representatives. Medicare supplements fill in the deductible and co-pay gaps left by original Medicare.
If you chose Original Medicare (Part A and Part B) and have a Medicare Supplement policy, most, if not all, of your health care expenses will be covered as long as Medicare approves the charges. In addition to paying the monthly Medicare Part B premium, Medicare Supplement policies require you to pay a premium to the insurance company that issued the policy. Things that affect Medicare Supplement insurance premiums include: whether or not you smoke, sex (male or female), resident state, zip code, current health status and age.
Insurance companies are only permitted to offer consumers "standardized" Medicare Supplement policies, known as "plans". These Medicare Supplement plans all have specific benefits so that consumers can easily compare them. The Centers for Medicaid and Medicare Services (CMS) and the National Association of Insurance Commissions have approved 10 standardized plans: A,B,C,D,F (plus high deductible option), G,K,L,M and N. Consumers should carefully compare the various Medicare Supplement plans to determine which plan best suits their individual needs and budget. Benefits in standard plans must be the same from company to company. Recent Medicare supplement changes now allow for companies to offer "value added" benefits like health club, vision and dental discounts.
Although Medicare Supplement benefits are standardized, premiums do vary based on a variety of factors, including discounts for the addition of a spouse and automatic premium withdrawal through a checking or savings account, to name a few. Some policies also offer coverage for services that Medicare doesn't cover, like medical care when you travel outside the U.S.
For a personalized quote on one of our many competitively priced Medicare Supplement plans, contact us today or speak with your Alliance America Agent.